Unemployment Compensation Extension Act Of 2009

Floor Speech

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Ms. PELOSI. I thank the gentleman for yielding and thank him for his longstanding leadership on this issue that relates to the economic well-being of America's families.

Anytime families gather across America at their dinner table to see how they are going to make ends meet or struggle through the loss of a job, they know they have a friend in JIM MCDERMOTT in the Congress. This has been one of his premier issues, and he has served them and this Congress and this country excellently in that regard. I thank him for bringing this legislation to the floor.

We passed this bill over a month ago. At long last it is back, but we are glad it is back, no matter how long it took. I am pleased to rise to support the legislation.

The bill will mark another step forward to boost our economic growth, and it will make a critical investment in our families and our workers.

This legislation offers a lifeline to out-of-work Americans, to the men and women hardest hit by the recession, by extending unemployment benefits--you have heard it over and over--by 14 weeks nationwide and an extra 6 weeks in States suffering the highest jobless rates. It's a smart choice for our Nation's economy. Every dollar spent on unemployment benefits generates more than $1.60 in new economic demand. It's good for businesses. It's good for workers.

This money, because it is so needed by these out-of-work families will, again, be spent immediately, inject demand into the economy, creating jobs, to the tune of $1.60 for every dollar. It's hard to think of any other initiative we can name that is as beneficial to job creation.

Its original purpose is fairness to those workers who have paid into the insurance system, and now they are getting an insurance benefit. But it also has an impact as a stimulant. It means more Americans will have access to the support and assistance they need to get back on their feet, reenter the workforce, contribute to our economy and succeed.

The bill also places a down payment on the future of our middle class because it extends for the first-time homebuyer a tax credit, helping more Americans purchase homes and making it is a little easier for families to move into a new house and keep a roof over their heads.

This initiative has already been successful. We have seen the positive impact, the steadier foundation in our housing market. Most significantly, we have watched new generations of Americans start living out their dream of homeownership and economic security.

The bill also has the net operating loss carryback, which businesses tell us is necessary for them to succeed and to hire new people, and also to mitigate some of the damage that has been done to the economy from past policies.

Taking action now to turn around our country is our most urgent and pressing challenge. It must be our top priority, regardless of party. That is why I am so pleased that we are going to have such a strong bipartisan vote. Mr. Brady, thank you today.

The House acted more than a month ago, as I mentioned, to pass the bill and help 1.3 million Americans set to lose their unemployment benefits by the end of the year. Today, we are proud to see the Senate version come back to the floor, to this Chamber. We would have wanted it sooner, but here it is.

The Nation's leaders have a responsibility to give every American the opportunity to recover, to thrive, to reap the rewards of our common progress and to take part in our prosperity. Today's vote is about a never-ending effort to put our economy on the road to recovery, create jobs, and establish the building blocks for growth in the long term.

President Obama has said over and over again, and so eloquently, that our success here would be measured only in the progress made by America's families as they get back on their feet and as we help them address their economic struggles.

The economic security of America's families is important to them, to their children, to their children's future; and it is important to the strength of our country. For that reason, I again commend Mr. McDermott and Mr. Brady and urge all Members to support this bill.

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